By the OSURA Supplemental Retirement Accounts (SRA) Working Group
If you have an account balance in a university-sponsored retirement plan (or are still contributing to one of these plans) including 403(b), 457(b), or ARP plan through OSU, changes to these plans coming in January 2021 may allow you to significantly reduce the fees you pay.
Plan participants should have received an information booklet in the mail with important information. Also, information on these 403(b), 457(b) and ARP vendor reforms can also be found on the OSU/HR website at: https://hr.osu.edu/benefits/retirement/2021enhancements/
Participants in these plans can continue under their current vendor but the new options may be much more beneficial. In addition to generally much lower fees, the changes feature fewer vendors, much more transparent fees, and a fiduciary responsibility component that was not there before.
In some situations, participants may be “grandfathered” into a current investment option that is not available in the new offerings, so be sure to compare your current and new investment offerings.
Note that these changes do not apply to OPERS, STRS, or Ohio Deferred Compensation plans.
Your OSURA SRA Working Group is trying to ensure that the HR website details information for retirees is stated clearly. Watch for further updates that we hope would clarify how these changes apply to retirees.